BITCOIN: The trip to 6200 USD
I have had to modify a little bit my EW-count with the last BITCOIN movements which is currently correcting strongly after having reached another new High of the year.A totally expected movement after the explosive rise of the last days to be honest.The following chart was the former one on which I was working on:
Essentially I thought that BITCOIN have finished already the 3rd wave up of the green 5-waves up but seems that, instead of correcting on 4, it just kept moving a little bit erratically sideways and slightly upwards... and that was fine because If I try to divide this 3rd wave in its 5 waves subdivisions the only valid count within that wave asked for that last movement upwards:
So, BITCOIN has touched the expected resistance area at 5464 USD and now seems to correct consistently.Actually, all this rise has put BITCOIN in an extremely overbought condition according to the RSI oscillator so, I am expecting a sustained fall till the range area between 4600/4700 USD where I already set some buy orders around.
The positive reading here is that if BITCOIN, and so the market, manages to keep this count alive the next stop would be to break the massive resistance placed around 6200 USD.
That was the dramatic level from which all the market dropped abruptly on November last year... If BITCOIN manages to break that level I think we can declare already the end of the Bearish market... till then I am afraid we are still in the ACCUMULATION phase and thus additional testing of the current supports and lows will come.
Anyway, we are closer to the end of the BEARS.
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
If I had the money I could buy all the btc in the market and end the bear trend right away. :)
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No doubt!
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i see the same as well you know, and most of alts will suffer during the trip heavy corrections like today
Always appreciate your positive outlook @toofasteddie!
Hehehe, Positive view is always a good attitude man!
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I feel that many times market predictions are self-fulfilling prophecies.
Crowdmind is considered to be precise in predictions. More positive text indeed could help a bit
Strongly agree. I said much the same in my last BTC post (without the Elliott Waves of course). Good post.
Very nice 👍 analysis. I am very curious what will happen if BTC reaches $ 6200.
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Yep, it's a real uncertain situation right now. 50/50, could go either way.
It's inherent to the denial stage.
One indicator that I like to use is to gauge what everybody else thinks. Then I prepare for the opposite to occur. Because during denial, most people have to be wrong.
In any case I have been accummulatin happily. Pretty happy with it so far, if $3100 turned out to be the bottom. If it didn't, I'm pretty happy too because I could use some more accummulation time to be honest...! i mean, once it pops to a bazillion dollars there's no amount of BTC that you can buy today that won't make you look back one day and say: "Gee, I wish I bought more back then".
I was hiding in the shadows these past months, but I'm back now! I was busy writing professionally about crypto 😎
And I am now pursueing a fulltime career in it
Gonna help make adoption happen, if I can